It Is The Long-term Investor...who

Investment Based On Genuine Long-term Expectations Is So Difficult Today As To Be Scarcely Practicable.

It Is A Mistake To Think That One Limits One’s Risk By Spreading Too Much Between Enterprises About Which One Knows Little And Has No Reason For Special Confidence.

The Engine Which Drives Enterprise Is Not Thrift, But Profit.

Nothing Can Preserve The Integrity Of Contact Between Individuals, Except A Discretionary Authority In The State To Revise What Has Become Intolerable. The Powers Of Uninterrupted Usury Are Too Great. If The Accretions Of Vested Interests Were To Grow Without Mitigation For Many Generations, Half The Population Would Be No Better Than Slaves To The Other Half.

It Is Not The Ownership Of The Instruments Of Production Which It Is Important For The State To Assume. If The State Is Able To Determine The Aggregate Amount Of Resources Devoted To Augmenting The Instruments And The Basic Rate Of Reward To Those Who Own Them, It Will Have Accomplished All That Is Necessary. Moreover, The Necessary Measures Of Socialization Can Be Introduced Gradually And Without A Break In The General Traditions Of Society.